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ISLAMABAD -- To resolve the liquidity issue being faced by Chinese independent power producers (IPPs) working under China Pakistan Economic Corridor (CPEC), the federal cabinet has approved opening of Pakistan Energy Revolving Fund (PERF) account with the initial deposit of around Rs 50 billion.

The federal cabinet through circulation has approved the Economic Coordination Committee (ECC) of the Cabinet's decision pertaining to transferring Rs50b worth of budgetary allocations for electricity subsidies to an escrow account for onward automatic partial payments to IPPs including the Chinese IPPs working under CPEC, official source told The Nation. In its meeting last week, the Economic Coordination Committee (ECC) of the Cabinet had turned down a proposal of the Ministry of Energy (Power Division) for operating of Pakistan Energy Revolving Fund (PERF) account by National Bank of Pakistan and instead decided that the account will be operated by State Bank of Pakistan, said the source.

The ECC has approved Power Division summary regarding 'Pakistan Energy Revolving Fund (PERF)' with modification saying that PERF shall be operating with State Bank of Pakistan, Islamabad instead of National Bank of Pakistan, Islamabad, the source said. The decision will pacify Chinese insurance company, Sinosure, and will facilitate the insurance company guarantees for upcoming energy projects in Pakistan. Sinosure was demanding early resolution of Revolving Account Agreement pending between Central Power Purchasing Agency (CPPA-G) and CPEC IPPs since 2017.

The Government of Pakistan and the Government of People's Republic of China signed China Pakistan Economic Corridor (CPEC) Energy Project Cooperation Agreement for...